FEMSA Enters Drugstore Business in South America

OXXO parent company invests in Socofar, the leading drugstore operator in Chile and Colombia.

August 17, 2015

SANTIAGO, Chile – FEMSA Comercio is acquiring a majority equity stake (60%) in Grupo Socofar, a leading South American drugstore operator based in Santiago, Chile, that operates 643 drugstores and 154 beauty stores throughout Chile under the Cruz Verde and Maicao banners.

CNN Money reports that the transaction represents an important step for FEMSA Comercio, as it leverages its growing expertise in the drugstore business. “This is the right transaction for us, as it provides a strong regional platform to grow from,” said Eduardo Padilla, CEO of FEMSA Comercio, and former NACS Board member and International Committee chairman. “We have learned much about the drugstore industry in Mexico in recent years, and Socofar will greatly enhance our knowledge base and it will put us in a position to pursue significant growth beyond our borders in the years to come.”

FEMSA Comercio owns and operates OXXO convenience stores. The majority of FEMSA Comercio's operations are in Mexico, but it also operates approximately 40 OXXO stores in Colombia. FEMSA entered the retail pharmacy business two years ago with a 75% stake in Farmacias YZA, a leading pharmacy chain in southeastern Mexico.

Advertisement
Advertisement
Advertisement